https://www.taxtmi.com/caselaws?id=9855 The High Court upheld the imposition of a penalty of Rs. 56,000 on the assessee for non-disclosure of true income under section 271(1)(c) of the Act. The court found that the authorities were justified in applying the penalty despite the assessee's revised return, citing the provisions of Circular No. 451, which allows for penalties in such cases. The court emphasized adherence to the circular and legal framework, ruling in favor of the Commissioner of Income-tax and leaving the decision on the waiver of penalty under section 273A to the relevant authority. en-us Mon, 28 Mar 2005 00:00:00 +0530 Thu, 02 Jul 2009 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9855 The High Court upheld the imposition of a penalty of Rs. 56,000 on the assessee for non-disclosure of true income under section 271(1)(c) of the Act. The court found that the authorities were justified in applying the penalty despite the assessee's revised return, citing the provisions of Circular No. 451, which allows for penalties in such cases. The court emphasized adherence to the circular and legal framework, ruling in favor of the Commissioner of Income-tax and leaving the decision on the waiver of penalty under section 273A to the relevant authority. Case-Laws Income Tax Mon, 28 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9855